Dec 28 British education and media publisher
Pearson Plc said it will buy a 5 percent stake in
Barnes & Noble Inc's digital Nook and college bookstore
businesses for $89.5 million.
Barnes & Noble, whose shares rose as much as 6 percent to
$15.19 on the New York Stock Exchange on Friday morning, said
the Nook division will not meet prior expectations for its
The top U.S. bookstore chain's Nook Media unit comprises its
digital businesses - including Nook e-reader and tablets and the
Nook digital bookstore - and 674 college bookstores across
Barnes & Noble said in November that quarterly loss at the
Nook division increased on raised spending on its e-readers and
tablets to keep pace with larger rivals Amazon.com Inc
and Apple Inc.
The bookseller also said on Friday that sales in the crucial
holiday season will come in below expectations, based on
preliminary results and current sales trends.
The 2012 holiday season may have been the worst for
retailers since the 2008 financial crisis, with sales growth far
below expectations, forcing many to offer massive post-Christmas
discounts in hopes of shedding excess inventory.